How much would you need to deposit in an account each month in order to have $10,000 in the account in 8 years? Assume the account earns 7% interest. Please step by step answer.
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How much would you need to deposit in an account each month in order to have $10,000 in the account in 8 years?
Assume the account earns 7% interest.
Please step by step answer.
Step by step
Solved in 3 steps with 7 images
- Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?Use the tables in Appendix B to answer the following questions. A. If you would like to accumulate $2,500 over the next 4 years when the interest rate is 15%, how much do you need to deposit in the account? B. If you place $6,200 in a savings account, how much will you have at the end of 7 years with a 12% interest rate? C. You invest $8,000 per year for 10 years at 12% interest, how much will you have at the end of 10 years? D. You win the lottery and can either receive $750,000 as a lump sum or $50,000 per year for 20 years. Assuming you can earn 8% interest, which do you recommend and why?You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the fifth year. B. Use the future value of $1 table in Appendix B and verity that your answer is correct.
- You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.Calculating interest earned and future value of savings account. If you put 6,000 in a savings account that pays interest at the rate of 3 percent, compounded annually, how much will you have in five years? (Hint: Use the future value formula.) How much interest will you earn during the five years? If you put 6,000 each year into a savings account that pays interest at the rate of 4 percent a year, how much would you have after five years?Suppose you want to have $400,000 for retirement in 10 years. Your account earns 9% interest. Feel free to use the Online Basic Financial Calculator a) How much would you need to deposit in the account each month? S b) How much interest will you earn? S
- How much would you need to deposit in an account each month in order to have $10,000 in the account in 8 years? Assume the account earns 4.3% interest.Round your answer to the nearest cent as needed.Suppose you deposit $10 every week into an account that earns 4% interest compounded weekly. How much money (to the nearest cent) will you have in the account after 5 years? Summarize the information provided, stating the interest rate in a decimal form. d = r = N = k = Solve the problem and give your answer hereHow much would you need to deposit in an account each month in order to have $50,000 in the account in 8 years? Assume the account earns 4.5% interest. Round your answer to the nearest cent as needed.
- How much would you need to deposit in an account each month in order to have $30,000 in the account in 8 years? Assume the account earns 7% interest. S Submit Question Search hpHow much would you need to deposit in an account each month in order to have $40,000 in the account in 5 years? Assume the account earns 6% interest. Submit QuestionYou deposit $100 each month into an account earning 5.8% interest. Round all answers to the nearest cent as needed. a) How much will you have in the account in 35 years? $b) How much of this money did you deposit? $ c) How much of this money is interest earned? $
